send to a friend by email

Scarce Trading with the start of July

2023-07-06

Sahem Weekly Trading Report (02-06)-07-2023

In the first week of July, the regular trading in Palestine Stock Exchange PEX, continued the pace of the previous weeks, confiding in narrow prices range amid a relative constantly in the liquidity levels that were scare for a long period of time despite executing institutional transactions from time to time on selected shares. On the other hand, the anticipation increases this period to disclose the semi-annual financial data for 2023, which affects the investors’ behavior in the market during the coming period.

Regarding the economic indicators and according to the Palestinian Central Bureau of Statistics PCBS, primary estimates for GDP at constant prices showed a decrease of 2% in GDP in Palestine during the 1st quarter 2023 compared to the 4th quarter 2022, mainly in agriculture, forestry and fishing by 19%, mining, manufacturing, electricity and water by 5%, public administration and defense by 4%, and construction by 3%.  Meanwhile, there was an increase in transportation and storage by 4%, financial and insurance activities by 2%, and wholesale and retail trade, repair of motor vehicles and motorcycles by 1%. On the other hand, it showed an increase of 3% in Palestine during the 1st quarter 2023 compared to the 1st quarter 2022 at constant prices, which excludes the seasonal effect, meanwhile the base year is 2015. GDP for the 1st quarter 2023 at constant prices was USD $3,279 million for the West Bank and $658 million for Gaza Strip.

Regarding the significant news of this week, the listed companies continued to approve their recommendations regarding distributing dividends for their shareholders for the year 2022. In this context, the general assembly of the Arab Investors Company ARAB approved in its meeting on 05/07/2023, distributing 5.79% stocks dividends for the year 2022, to raise the paid-up capital from JD9.45 million to JD10.00 million. In addition, the general assembly of Jerusalem Cigarette Company JCC approved in its meeting on 05/07/2023, distributing 12% cash dividends for the year 2022, to record dividends yield of 4.62% based on the price on the entitlement date.